REUTERS: General Electric shares fell 5per cent on Thursday after the Wall Street Journal reported that Harry Markopolos, a whistleblower in the Bernard Madoff Ponzi case, had alleged that company financial filings masked the depths of its problems.
The Journal quoted Markopolos as saying in a research report that GE is short on working capital — a key measure of liquidity — and that its cash situation is far worse than disclosed in its regulatory filings.In response to the WSJ article, GE said it"stands behind its financials" and operates to the"highest-level of integrity" in its financial reporting.
"We remain focused on running our business every day and ... will not be distracted by this type of meritless, misguided and self-serving speculation," the company said in a statement.
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